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Standing on the west bank of Shanghai’s Huangpu River, peering across to Pudong and the gleaming glass and steel towers of its business district, you might be forgiven for overlooking a coal depot on the far shore which, just a few years ago, was still sending anthracite around the city. Now two British Art entrepreneurs, Ehud Sheleg and Paul Green have helped transform this stretch of riverbank into one of the most exciting spaces for art in the Far East, with a sleekly geometrical new museum, parks and fountains.

The high line on which the coal trucks used to rattle and clank has been preserved and now hosts sculptures and promenading musicians. It’s an extraordinary development that has taken...